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When does the bank consider payment 30 days late?

Regular Contributor

Re: When does the bank consider payment 30 days late?

 

gdale6 wrote:
Tomorrow is the 30th day, if there is any way to get the payment ball rolling today I would do so if not first thing in the morning give them a call and take care of it asking that the late not be reported as you could not initiate on a Sunday.

That's a relief.  My husband just went to the ATM to check his balance (because he doesn't do online banking) and he has adequate funds in his WF account.  So it will post today.  Phew!

Starting FICO 8's (7/2016) EQ 715|| TU 743 || EX 762
Current FICO 8's (9/2017) EQ 755|| TU 768|| EX 775
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Community Leader
Epic Contributor

Re: When does the bank consider payment 30 days late?

A grace period in a mortgage contract effectively sets a variable due date that can extend from the normal, stated due date through to the end of the grace period.

The billing due date then affixes when the loan becomes delinquent.

The CRA reporting manual specifies that a late does not become reportable to  a CRA until 30 days after the billing due date.

You should be OK as for not reporting to the CRAs if paid less than 30 days after the expiration of the grace period